On January 1, 2022. Cheyenne Corp. had these stockholders' equity accounts. Common Stock ($10 par value, 67,000 shares issued and outstanding) $670,000 Paid-in Capital in Excess of Par Value 482,000 Retained Earnings 620.000 During the year, the following transactions occurred. Jan. 15 Declared a $0.50 cash dividend per share to stockholders of record on January 31, payable February 15. Feb. 15 Paid the dividend declared in January. Apr. 15 Declared a 10% stock dividend to stockholders of record on April 30, distributable May 15. On April 15, the market price of the stock was $13 per share. May 15 Issued the shares for the stock dividend. Dec. 1 Declared a $0.50 per share cash dividend to stockholders of record on December 15, payable January 10, 2023. Dec. 31 Determined that net income for the year was $354,000. Date Account Titles and Explanation Debit Credit Jan. 15 Cash Dividends 33500 Dividends Payable 33500 Feb. 15 Dividends Payable 33500 Cash 33500 Apr. 15 Stock Dividends 87100 Common Stock Dividends Distributable 67000 Paid-in Capital in Excess of Par Value-Common Stock 20100 May 15 Common Stock Dividends Distributable 67000 Common Stock 67000 Dec. 1 Cash Dividends 36850 Dividends Payable 36850 Dec. 31 Income Summary 354000 Retained Earnings 354000 (To close net income) Dec. 31 Retained Earnings 70350 Stock Dividends 70350 (To close stock dividends) Dec. 31 Retained Earnings 87100 Cash Dividends 87100 (To close cash dividends) Common Stock 1/1 Bal. 670000 5/15 67000 12/31 Bal. 737000 Retained Earnings 12/31 70350 1/1 Bal. 620000 12/31 87100 12/31 354000 12/31 Bal. 816550 Paid-in Capital in Excess of Par Value 1/1 Bal. 482000 4/15 V 20100 12/31 Bal. 502100 Cash Dividends 1/15 33500 12/31 70350 12/1 36850 Common Stock Dividends Distributable 5/15 67000 4/15 67000 Stock Dividends 4/15 V 87100 12/31 87100